New REC report sheds light on future challenges

New REC report sheds light on future challenges for employers in the accounting and financial services industry

The Recruitment and Employment Confederation (REC) has published the Accounting and Financial Services Research Profile to assist recruiters and clients in this sector understand prospective candidates.

The profile highlights the continuing demand by clients for high levels of skills and qualifications, in tandem with the need for flexible working and attitudes across the sectors of accountancy, banking, financial analysis and trading, insurance, investment and pensions. The report allows recruiters to develop effective business plans and assist their clients in making the right hiring decisions.

Currently this industry employs more than one million workers and accounts for eight per cent of national output. Future prosperity in this sector is paramount to ensure long term employment and success for UK Plc.

Some of the points contained within the profile include:

Between 2002 and 2008, the market grew by around 5.5 per cent as it generated profits for economic growth
Within insurance, twenty five per cent of European business is written in the UK
Most jobs within the sector are in accounts, wages clerks and book-keepers who account for 551,000 of the workforce
Though the City of London is still the centre of the UKs accounting and financial services industry, there are also substantial financial hubs in Manchester, Leeds, Bristol, Edinburgh, Glasgow and Cardiff.

Issues such as the impact of technology and the requirements of regulators at UK and European level will keep the spotlight in the future on worker capability and competence.

The main challenge for employers will be attracting staff. The constant news of redundancies and staff cuts combined with the poor image of the financial services sector has started to discourage new entrants this is an area where recruiters and employer alike will need to develop effective strategies to bring in the best candidates or the industry as a whole will suffer.

Overall. 87 per cent of professionals and managers responding to REC Research said they were satisfied or fairly satisfied with the service they were given by their recruitment agency in this sector, in addition 70 per cent of employers were very or fairly satisfied with agencies.

Commenting on the profile, Bill Haynes, Chair of REC Accounting and Financial Services, said: This report is a very good touchstone for the group and gives us a solid foundation on which to build our work of raising awareness throughout the accounting and financial services industry, of the contribution REC approved agencies, in this field, can make in finding the best possible candidates.

For more information visit www.rec.uk.com/accountingandfinancial or email accountingandfinancial@rec.uk.com